In 2023, eyewear takes a significant stride towards a "return to normal" as it transitions back to more typical growth rates. The previous year, 2022, witnessed strong growth driven by pandemic-related factors as consumers who had postponed purchases in 2021 resumed their buying activities.
Despite elevated inflation rates and some supply chain cost increases, industry sources anticipate that average eyewear prices in 2023 could see higher increases compared to previous years but still remain relatively subdued. The highly competitive environment within the industry discourages significant price hikes.
Competition in eyewear has intensified in the first months of 2023 as brands and retailers expand their brick-and-mortar presence in Canada. Australian value-priced fashion eyewear brand Oscar Wylee opened a new store, with plans to open more locations in the coming years.
E-commerce growth for most eyewear categories in 2023 looks set to be moderate, following a slowdown in 2022 when consumers returned to in-store shopping as COVID-19 related safety measures were lifted. While online players like KITS.
Over the forecast period, eyewear is expected to return to historical growth rates, driven by core factors such as Canada's aging population, increased consumer knowledge about eyewear, and growing interest in health-related products. Despite the rising competition from players like Specsavers and the high inflation rates in 2023, industry sources remain optimistic about the future growth prospects for the eyewear industry.
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Understand the latest market trends and future growth opportunities for the Eyewear industry in Canada with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Eyewear
Eyewear is the aggregate of contact lenses, spectacles and sunglasses.
See All of Our DefinitionsThis report originates from Passport, our Eyewear research and analysis database.
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